360 Energy is planning to issue bonds for up to $80 million to finance a solar project the company is developing in Argentina.
The developer will issue two dollar-denominated bonds, including a two-year bond for up to $20 million and a nine-year bond for up to $60 million.
The proceeds will be used to finance the construction, operation and maintenance of La Rioja II. The project is expected to require a total of $79.4 million.
Located in the province of La Rioja, the project will have an installed capacity of 78MW and will sell its output to commercial and industrial offtakers. The project is set to begin construction in March and come online in May 2024.
Banco Itaú will arrange the issuance and act as placement agent.
Other placement agents include:
Itaú Valores
Balanz
BACS
Banco Hipotecario
Banco de Servicios y Transacciones
PP Inversiones
Invertir en Bolsa
Bruchou, Fernández Madero & Lombardi acted as legal advisor to the developer while Tavarone, Rovelli, Salim & Miani were mandated by the arranger and placement agents.
360 Energy operates a 119MWp portfolio of solar assets in Argentina. Last June, the developer issued the company’s first green bonds to finance another of its projects under development: the 24 MW Nonogasta II project, which is scheduled to come online next month (PFR, 6/22).